CBN’s July 7th deadline: CAC creates center for PoS bulk registration

In a bid to legalize the businesses of many of the Point of Sale (PoS) Operators before the expiration of the July 7th deadline as issued by the Central Bank of Nigeria (CBN), the Corporate Affairs Commission (CAC) has created additional registration venue in Abuja.

Speaking while inaugurating the Center, the Registrar-General of CAC, Hussaini Magaji, explained that the importance of registering the PoS operators in the commission’s database cannot be over-emphasised.

He said the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the commission’s achievement of its purpose.

“What we did was accommodate the request from the Fintechs.

“We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we gave them access.

“Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.

“We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so.”

He stated that the centre will be opened to all operators in the fintech industry who voluntarily submitted their agents and merchants for regularisation with the CAC.

“If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.

“The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.

“And it is an opportunity for more people to be captured into the formal sector” the Registrar stated.

Recall that the CBN had issued a directive for the legalization and operation of the PoS in the country with a deadline of 7th July, 2024.